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09.04.201723:38:00UTC+00Gold Slightly Lower on Firmer Dollar

Gold prices were slightly lower after notching a five month peak in the session earlier, pressured by the firmer dollar. Spot gold fell 0.2 percent at $1,251.91 an ounce while U.S. gold futures settled 0.3 percent lower at $1,253.90.

The dollar index climbed 0.1 percent to more than three-week peaks of 101.310. Spot gold reached its highest since Nov. 10 at $1,270.46 on Friday and crossed the 200-day moving average. However, it failed to close above the key resistance level.

SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, said its holdings dropped 0.3 percent to 836.49 tonnes on Friday from 836.77 tonnes on Thursday. Hedge funds and money managers raised their net long position in COMEX gold for the third consecutive week in the week to April 4, and increased it in silver, according to data from the U.S. Commodity Futures Trading Commission.

Argentina mining officials told Barrick Gold Corp that it should overhaul environmental and operating processes at the Veladero mine. The Dubai Gold and Commodities Exchange (DGCX) said it is weighing on launching a new spot gold contract intended to be used by retail investors and traders.

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